Sarah Gibson Tuttle: Founder & CEO of Olive & June

Episode 232

Hear how Olive & June Founder & CEO, Sarah Gibson Tuttle @gibsontuttle, went from her New York equity sales career to starting her fledgling nail products company. Hear the story, the lessons and the journey on this episode of #TheKaraGoldinShow!

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Transcript

Kara Goldin 0:00
I am unwilling to give up that I will start over from scratch as many times as it takes to get where I want to be. I want to just make sure you will get knocked down but just make sure you don’t get knocked down knocked out. So your only choice should be go focus on what you can control control control. Hi, everyone and welcome to the Kara Goldin show, though, join me each week for inspiring conversations with some of the world’s greatest leaders. We’ll talk with founders, entrepreneurs, CEOs, and really some of the most interesting people of our time. Can’t wait to get started. Let’s go. Let’s go. Hi, everyone. It’s Kara Goldin from the Kara Goldin show and I am super super excited to have my next guest. I absolutely love, love, love this brand. And Sarah Gibson Tuttle is the founder and CEO. It is a an incredible brand called Olive & June. And it is a luxury nail care company, famous for salon quality nail polish, and award winning tools as well. We’re gonna let Sarah share a little bit more about it before opening the Beverly Hills flagship nail salon in 2013. She was a successful equity sales trader and at JP Morgan and as well as another firm called Morgan Stanley in New York for 10 plus years, and after seeing a major opportunity for luxury yet affordable nail service, she decided to go all in and and go ahead and start this incredible business. She was featured on the inks fourth annual female founders 100 list. And she is really about creating amazing, amazing products that really are differentiated. And she’s got an amazing community too. I’m gonna let her introduce a little bit more about everything that she’s doing. But welcome, Sarah, and thanks for coming on.

Sarah Gibson Tuttle 2:15
Thank you for having me. So excited to be here. Super excited. So

Kara Goldin 2:19
for the listeners who aren’t familiar with the olive in June brand, can you share just a bit more?

Sarah Gibson Tuttle 2:26
Yeah, so Olive & June is really it was founded on being the new type of neighborhood nail salon. The idea was that I love nails. And I have always loved having my nails done. But I wanted to create a unique experience in the space that was really high customer service, and affordable luxury. So you could still afford it on a weekly or bi weekly basis. And so that’s really where it started. I mean, it’s taken a big journey. Since then we’ve gone into products and we’ve essentially democratize the at home experience and made it possible for you for people everywhere to get you know, salon, many patties at home. And so it’s been really exciting to see all the June, start in salons and then graduate into this at home experience so that everyone everywhere, could have beautiful nails. So it’s a it’s been quite a journey and a wonderful one.

Kara Goldin 3:21
That’s awesome. So you grew up in New York.

Sarah Gibson Tuttle 3:23
I grew up in the suburbs of New York. That’s right. Mostly, I have a little bit like a stint in California for a couple years in a stint in Colorado, but mostly in the suburbs of New York. Yes.

Kara Goldin 3:34
And you’re out in Los Angeles now.

Sarah Gibson Tuttle 3:38
I’m in LA. I’ve been I’ve been here almost 10 years. It’s just super exciting.

Kara Goldin 3:41
That’s That’s crazy. And let’s go back to before all of in June, you were an equity trader. And do you want to share a little bit more about that?

Sarah Gibson Tuttle 3:52
Yeah, so I was an equity sales trader at Morgan Stanley and JP Morgan for 10 years, which basically means that I covered hedge funds, and all of those movies that you see in trading places and all those movies, I was sitting on a trading desk, and it was really high energy, high intensity, extreme customer service. And I think it was incredible boot camp for me on how I was going to treat my future community. So I mean, you have to have real relationships, you have to really understand what your client wants and what they need. And so that service training was invaluable in my olive engine journey.

Kara Goldin 4:36
How did you get to be an equity trader?

Sarah Gibson Tuttle 4:39
Well, so my father worked in finance for a long time. And I told him I said I want you know, I want to do something in finance when I was in college. Basically after he told me that he wasn’t going to support a my acting career. So I said, Okay, fine, then I I’ll do finance. You know, I didn’t know I didn’t know much. I didn’t know what I didn’t know And so I got a job, one of his friends got me a job and internship on the floor of the New York Stock Exchange one summer during college, and I just absolutely loved it. And from there, I did that for two summers. And then I, I actually started working at career services at Colgate, because I figured if I could figure out how to script my resume correctly, I might be able to get one of these finance jobs because I had a three one. So I knew that wasn’t going to make it happen. And so I had to figure out a way to craft this resume that was really robust, and people would want to interview me. So it was a bit of a long shot, and I got, but I did get an offer my senior year. And I got rejected from everywhere, but one place and so I got my foot in the door at JPMorgan. And, and then I just worked really, really hard because I was always, I would say like, books wise, the least smart person in every room, I was up against Ivy League kids that were that they were like doing some of these, you know, exercises and work in their sleep.

Kara Goldin 5:59
That’s wild. So you’re working away 10 years, what made you think that you were ready to go and start in start a company? I mean, become an entrepreneur. I mean, I’m just can only imagine you’re working on the trading floor, you’re around a totally different industry. I mean, were you just daydreaming thinking, I’m gonna go start my own company, I would just It’s pretty wild did your friends was there anybody in particular that kind of, you know, learned you in some way and to thinking maybe you could go do it.

Sarah Gibson Tuttle 6:41
The craziest part. And I think and I would imagine you feel this way a little bit too, or, and you’ve we’ve also seen it in other entrepreneurs, I’m sure is that I just had this idea. And I felt very strongly it would work. I just, I had a very clear idea. And thought, I’m going to go after that. And it’s going to work. And of course, you have those moments where you doubt yourself. And I actually use that to fuel me. But I think everyone has those moments. But I was sitting in finance for a long time, I’d said I was going to open a clothing store because that felt like a really fantastic thing to do. And I would get discounted clothes. I’m not kidding that that was I was just like, that would be amazing. I was obsessed with shopping. And I finally had the money to shop when I was working in finance. So I was excited about it. But that morphed into at some point, I want to leave this career, and I want to do something different. And I had gone to LA and walked into dry bar and just loved driver, I just thought driver was the smartest place I like just was everything about it was so thoughtful from the cookies at the front desk to the experience with you know, with your, with your hairstylist to just how friendly everyone was the decor, like I just loved everything about it. And so that’s really where the idea kind of took hold. Because I love nails. And my father did not let me paint my own nails. So I always like would sneak and get my nails done. And I thought they should have this experience. And now since that’s where it started. And I just was really, I think if I had run a model, if I had done any of the things a smart person would do when launching a business, I wouldn’t have done it.

Kara Goldin 8:26
Yeah, absolutely. I mean, I think I always say if you can’t stop yourself from dotting all the I’s and crossing all the T’s, I forget it. You You’re absolutely. I will not do the entrepreneurship route route for sure. So what made you think, Okay, I’m ready, I’m going to go, totally, you’re going to change where you live, you’re gonna, you’re gonna start a company. I mean, that’s, that must have been a huge year for you.

Sarah Gibson Tuttle 8:54
Yeah, so I was working in New York, I actually had quit Morgan Stanley and I worked for about six months, consulting for my father’s company at the time. And there’s nothing more motivating to wanting to do your own thing or do something new than working with a family member, especially my very intense father. So I, I had I had this idea. And I had been out to LA a bunch and I also started dating my now husband. So I had all of these kind of poles to LA. And but once the idea kind of crystallized in my mind of okay, I’m going to launch the dry bar for nails, which is really where it started. I mean, obviously it’s changed. It’s morphed into so many things, but that’s really where it started. Then I basically walked, you know, had coffee with my dad and said, Here’s a Forbes article and alley web, and I’m going to go create this in nails. And he took a solid week I think every day we met for coffee or drinks every day that week and he said this is a terrible idea. And I do not think you should do this and it’s gonna be really hard. For it to make money and you’re you’ve worked for 10 years, you’ve built this career. I don’t understand you’re so good at this, why would you leave. And I just felt it. I just really I like saw it. And so I took a one week, I booked a one way ticket to LA and I didn’t come back. And about nine months later, I opened in June. So it was a little bit, it was a little bit of a moment of insanity, I think. But I also just knew that if I let myself get sucked back into finance, I would never leave that career.

Kara Goldin 10:29
That’s wild. And so all of in June was born. And I love the story of who it was named after.

Sarah Gibson Tuttle 10:38
It’s named after my grandmother and my great grandmother, although I have to say my, my grandmother is no longer with us my great sorrow. My great grandmother is no longer with us. My grandmother is in her late 90s. And she every time we talk about it, she says I can’t believe you named this after me. It’s really sweet.

Kara Goldin 10:53
That’s awesome. So I’m so curious more about the brand stories. So how did you plan to make all of in June different from other nail salons? I mean, obviously, you just talked a bit about dry bar. But what was kind of the key difference that you saw that wasn’t out there yet?

Sarah Gibson Tuttle 11:13
I think I understood there wasn’t a middle option. I don’t, I felt like there wasn’t a luxurious option that people could afford on a weekly or bi weekly basis, which I think I said before, like I just understood that there was this middle option, similar driver, but also similar to if you think about sugar fish, or if you’ve been to LA Earth cafe in Los Angeles, like, I think food doesn’t really well they do is like kind of affordable luxury category pretty well. But beauty at that point really hadn’t been served in that in that way. And so I just really understood that it needed to be this amazing experience at a price that you could afford it again, dry bar was really like leading that inspiration for me. I also just love I love like I love nails. And so and I’ve always loved the finished product of my nails being done. So for me, I always loved having a manicure. And so I just think that I understood, I want 500 bottles of polish on the wall because I want a million colors. I want my credit card on file because I don’t want to be fumbling when my nails are wet to pay my bill. I you know, I want to have preference a preference sheet because I don’t want to tell the manicures every time don’t cut my cuticles. So I think it just because I was so in tune with what I want the experience to be that it just like flowed from me very naturally of how we were going to create this new type of neighborhood nail salon.

Kara Goldin 12:39
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Sarah Gibson Tuttle 14:36
Yes. Every single I feel like it was one of my biggest challenges because it was this and you asked us a lot on your show of what’s your biggest challenge and thing that you had to kind of fight through and like and, and it’s sometimes it’s a failure. Sometimes it’s a challenge for me. It was explaining this big idea to a group of investors who were basically Like you have a successful model in the salons, why don’t you just grow that, and also, again, when drivers are inspiration, but also there’s a number of, you know, other types of very successful chains in this country or in the world, like, why not go after what has been done and what you have built already. And I was just, I was fiercely attached to the idea that, while this was more for this is affordable luxury, and it was more affordable luxury, then, for example, if you walked into the peninsula to have a, you know, a nail experience, it still was $30 a manicure, it still was, you know, somewhat expensive. And the idea that makeup was 99%, at home hair is predominantly at home, that food fitness was all coming to your home, and you’re able to do it yourself and in nails. That basically, you know, very, very few people were doing their own nails. I just felt like I can solve this, I can make this possible. And it was true. It was truly a democracy, like how do I truly democratize something, because I thought I was doing that with salons. But then I think as you grow, you realize, well, a $30 manicure is actually not democratizing a salon manicure. And so it was a real, it was hard for me to convince past investors and then new investors that this was the that this was the journey that all of in June should take. And that also because at the time, it was pre COVID. And people were like, who do their nails at home? Yeah. And investors, like, think about who has money to invest? It was it was mostly, you know, personal investments or family offices, like the people around them are getting their nails done. Like they’re not people that are that are like, let me try to like, figure out how to do it myself. And so it was pitching it to a group people that didn’t really understand and felt like why would anyone want to do this and you have a successful business? Why are you why are you distracting yourself?

Kara Goldin 16:57
Absolutely. And how did you fund the company? Originally, I

Sarah Gibson Tuttle 17:01
funded it with my savings from finance. And then I did, I’ve done three rounds of financing, most of which have been individual investors, and strategic investors, we have very, very small VC funding. So you know, nails has had a few big exits. But there’s also been a number of nail brands that have been less successful for venture capital. And so it was very, very difficult getting people to believe in the vision those who did were, you know, steadfast and like this is going to work. Or they would say, Well, I don’t know if it’s going to work, but I believe in you. Which is always like half a compliment. Yeah, and then but some people just flat out didn’t get it and told me that nails would never be a thing. Yeah, well,

Kara Goldin 17:42
I can only imagine since the majority of investors are still men. You know, they they wouldn’t necessarily understand the whole concept of getting your nails done and and painted. Maybe there’s men that do manicures for sure but but I bet you ran up against people who definitely were your doubters out there so much

Sarah Gibson Tuttle 18:07
doubt so much doubt and and the the worst thing you can tell an entrepreneur is I believe in you but I don’t believe in the idea. Because the the reality is like I’m clearly very insidious idea. So if you believe in me, you should get on the train. And i i Angel invest in very small amounts now. And I really try to not say any of the things that people said to me that were super hurtful, because I just don’t think people realize like the way they you can inspire someone even if you’re not writing a check. Yeah.

Kara Goldin 18:39
No, that’s, that’s absolutely the case. So how many salons Do you guys have now?

Sarah Gibson Tuttle 18:44
So we currently have zero no salons? Any close?

Kara Goldin 18:47
Interesting? Yes, we

Sarah Gibson Tuttle 18:48
closed our salons during COVID. La has been incredibly an incredibly challenging market to keep salons open, given the restrictions. And I think I had this epiphany. You know, we had run the successful salons. But we had also we had moved from a contractor to an employee model. So a lot of things have changed. And the manicure is really didn’t love as a whole did not love being employees. And I think you know, and COVID gave me a lot to reflect on I think 2020 gave had a number of moments where people had intense reflective periods. And one of the things I thought was a lot of the managers that are the most successful at all in June came here and then moved on to have their own salons or own spots in some capacity. And so I thought what I’m going to do now is take all of our supplies everything that’s in our salons, and I’m basically going to have a it was a bit of a free for all but it was like a couple days at the salon where all the managers would come pass Medicare’s current managers and take whatever supplies they wanted to to really start off their own businesses. It was a way to kind of you know, not you know, indirectly help fund Like entrepreneurs who manicures who wanted to start their own their own businesses, and it was one of my favorite days of the pandemic, because they really, we all got to hang out. And everyone took just like, just so many supplies that were, by the way, so expensive at that time because of the supply chain. So it was really exciting to support them on those journeys. And I don’t know what the future for all been doing salons are. I think the reality is, we have one really thriving, busy business. And so I don’t, I will listen to my investors now and try to not distract myself.

Kara Goldin 20:33
I love it. Well, the whole presentation that you guys present is amazing. And obviously you’ve developed this incredible community. I love every thing that you guys are doing on social and how do you think? I mean, what what’s been the biggest surprise in building? I mean, luck, the pandemic was a total surprise to most, who, you know, clearly did not see it coming or anticipate sort of what it meant. I’ve talked to many entrepreneurs about that. But what do you think has been the most surprising thing you’ve learned about being an entrepreneur?

Sarah Gibson Tuttle 21:15
Literally, where do I begin? I think that probably the most surprising thing for me, has been that there is no silver bullet that, you know, I looked up to a lot of entrepreneurs and what they built and obviously you never think I mean, listen to your show, you listen to a number of other shows, and you hear the twists and turns. But I always thought, Okay, sure. But in the beginning, it’s always a little bit unclear. And then, you know, you work with people who have done this before. And it feels like they’re gonna come in with this expertise. And I think what I’ve learned is it’s really about the people not about the experience, like there is no silver bullet for any challenge that you go through there, of course, are learnings and people can bring learnings and help grow the business. But there, the world is constantly changing. And if you have the right people in the seats, they will be curious and creative enough to come up with whatever the solution is for that moment. And it’s kind of always new and different. It’s obviously great if they have learnings and past experience to build on. But I’ve learned that it’s really about the people and and having really good relationships with your team as best you can, obviously without, without being too much Sgt on them, they don’t need me like on the weekend on Saturday afternoon being like let’s talk about housewives. But even though I would love to. But I think it’s so for me it’s been that it’s just it’s constantly figuring out what the new new is, and not getting frustrated by it and having the right team that is really dedicated to, to what we’re building and how unique that is. And that the compensation for them is not is is about the success of the business as well, right? Because that means we’ve changed an industry we’ve really created something new and unique and special and different. Which is above and beyond any sort of like even equity or cash comp you can ever give them.

Kara Goldin 23:18
Yeah, definitely. Use you touched on this before. But I’d love to hear if you can take us through a moment when all of in June, maybe had to overcome a big challenge or failure along the way. And what did you learn from that experience?

Sarah Gibson Tuttle 23:37
Yeah, I think the second round of fundraising, the first round of fundraising was difficult. But we found we found it’s a friends and family around but none of my family was in it. So really, it was like friends and friends of friends, right? And you and you find a pocket and you know, we only raised a little, a little amount of money in that round. So we’re able to do that pretty quickly. The second round, we’re raising 3 million, it was incredibly challenging because I had this salon business and then I had this product idea. And I was trying to explain this and I also had a much bigger idea and technology wise and we actually ended up launching with we ended up not being able to make it work that the microfluidic polishes unique and special and and so some of the product ideas I had and tool ideas I had didn’t fully work out. But so I’m pitching this idea and so of existing ambassadors who were like Yeah, got it like you made good on what you said you do with all the June so we’ll come back in, but then you have to come up with all new investors and I wasn’t going after VC funding because it was a it was too early. I’d had a few meetings and they’d gone well but like it was just too early and I didn’t have the the runway not even like a month of traction and I didn’t even have like the product built I needed the funding for the product. And so I’m trying to explain it. And I literally, I think that round, that fundraising round took me almost a year, which for anyone, anyone who knows, fundraising, it does not take you a year, it takes you a few months, and you you’re up and down. And then it’s, it’s close. But I just could not get people to care, or to believe in it. And I just was like, this is, this is going to be so major, I can see it, I understand that. And we didn’t even have a PO from Target or, you know, because we’re currently on our website and target right now, where we sell our products. And I didn’t, I didn’t have anything, I had a quote, interest. And so I just didn’t have, I look back and think because I look at businesses now all the time. And I understand like what investors are looking for. And I just, it’s, it’s a miracle we raised, because we just didn’t have the right. I didn’t really have the right pitch I didn’t, I wasn’t totally fully aware of what I should be pitching, I just was like, kind of all the ideas, I would like spill into meetings. And so and so many people told me not to do it, and just said, there doesn’t need to be another nail polish in this world. And so but I kept going and I did it. And then when the tool I was trying to make didn’t work, that was not great. Which ended up being the poppy, which is the patented handle, we have that you pop on top of nail polish bottles, and you can paint with both hands equally, you know, equally as well. So it doesn’t look like my seven year old painted one of your hands. And, but but I had to like do it. So so I’m trying to raise money. Nobody really believes in it, you know, and I’m like, and I’m in the product I’m making is kind of not working, which is like, oh my goodness, it’s like what am I pivoting to? And luckily, I had an incredible internal teams, small but mighty internal team and incredible brand director who still with us today who said, what if we just make the poppies a handle? Like why do we have to make this big thing and nail polish bottles and see what happens. And so and that became the Manny system. And so all these things happened. And luckily, I had a few key people, like my brand, Director, Crystal, or some of our ambassadors who were like, keep going, just keep going like you have something and I think we had so much press and influencers and celebrities and like all this Instagram love that I think these little bits kept me going to being like, okay, we’re just we’re gonna try to do this. And we launched in spring of 2019. And the first month. I mean, we were on a, you know, $1 million a year track record, you know, run rate, and in the first month or two and I, I really, I can’t explain. It felt like we’ve done it against all odds.

Kara Goldin 27:49
I love it. No, that’s that’s such a great story for sure. What you mentioned your team. So here you are coming from a totally different industry. I’ve been there before and popping into, in my case, the water industry, your case, the nail industry. So how do you recruit a team? I mean, you’ve you don’t have the experience the brand recognition in this industry. I mean, I look back and I think it was a miracle like those first few people believed. pull something off. And and I just, you know, I’m always so curious, how did you recruit those people?

Sarah Gibson Tuttle 28:38
I don’t know. I mean, I I go back. And I think I am grateful every day when people take a chance on all of in June. Because it is it’s a unique proposition. And now it’s very clear, right? Like now the business has gotten bigger, and we’re in target. And it’s very clear that we are here to stay but for a very long time. It was a it was cross your cross your manicure fingers. Yeah. And I am grateful every day that people joined, I think people who joined or invested early or they I do believe that they and they believed in me, they believed in the fact that I was going to create something special and nails. And they like my passion can be very infectious. And so you either but you’re either you’re either excited about that or you think to yourself, I’m exhausted by this energy. So I think that has a lot to do with it. But we have some people that we also worked with that had very little prior experience. And it was about what we talked about before about this, you know, there’s no several silver bullet. It was these are the people that are curious and excited and passionate about what we’re building and so the compensation for them was figuring it out and they wanted to be there with with me. I also think there’s Some crazy people that like to, you know, create things out of thin air. And I’m lucky I’m one of those people, I’m sure you’re one of those people. And that, that alone that opportunity, especially at a small company where I gave, I gave a ton of responsibility to anyone coming in. It’s really exciting.

Kara Goldin 30:20
Yeah, no, you do you get so much more responsibility, but I think it’s, it’s still I mean, people are, are believing in you, right. And they’re not just coming up with an idea themselves, they’re supporting you and, and the fact that they that they do believe that you’re going to be able to pull it off is, it’s a gift, right? To be able to really convince people that, that you’re going to be able to do it, because I’m sure you had your own doubt. In your mind. You’ve got doubters around you who are saying, you know, why are you doing this, Sarah? I mean, there’s plenty of nail polish companies out there. So I I just absolutely, I think back on on those years and and definitely you’ve met people who have worked for other founders too. And and you know, it’s it’s interesting, because many of those people end up going and founding their own companies eventually but But it starts somewhere and I just think it’s such a it’s a fascinating journey to talk to some of those people so for sure, well, thank you so much, Sara, everybody needs to go to all of in June and do you want to give everybody the website just so that they know where to catch you?

Sarah Gibson Tuttle 31:36
Absolutely. It’s you can buy our products at OliveandJune.com or on Target app or website. We are now nationwide and target so every target you walk into you should see all of in June, which is very exciting. And then on Instagram, we’re at Olive in June. Same thing on Tik Tok. I’m at Gibson title, but I’m way less exciting. So feel free to always always follow the brand first.

Kara Goldin 32:00
Is Instagram really the brand the main platform that you guys support? Have you guys done much on tiktok?

Sarah Gibson Tuttle 32:07
So we Yes it is. Instagram is definitely the main platform. I’m personally obsessed with tick tock and there’s a lot of painting and and fun nailer tutorials and so tick tock for nails is really fun too. But I personally think tick tock is just is a really is, uh, let loose. Let’s just have fun platform right now. And so I’m really enjoying it. It feels a little bit less like, here’s my photo album of my favorite of my best vacation ever.

Kara Goldin 32:34
Yeah, it’s so it’s so true. Well, thank you so much. And thanks, everybody, for listening to this episode, please subscribe to the Kara Goldin show, so that you are sure not to miss amazing interviews with great entrepreneurs like Sarah and please be sure to send in those five star ratings. They absolutely make a difference for the algorithm. And follow me on all social platforms that Kara Goldin. And don’t forget to pick up a copy of my book on daunted where you can hear more about my journey and building hint and so much more. And we are here every Monday and Wednesday. So definitely come back and listen and say hi to me on social platforms. And thanks, everyone for listening. Thanks again, Sarah, and everybody have a great rest of the week. Goodbye for now. Before we sign off, I want to talk to you about fear. People like to talk about fearless leaders. But achieving big goals isn’t about fearlessness. Successful leaders recognize their fears and decide to deal with them head on in order to move forward. This is where my new book undaunted comes in. This book is designed for anyone who wants to succeed in the face of fear, overcome doubts and live a little undaunted. Order your copy today at undaunted, the book calm and learn how to look your doubts and doubters in the eye and achieve your dreams. For a limited time. You’ll also receive a free case of hint water. Do you have a question for me or want to nominate an innovator to spotlight send me a tweet at Kara Goldin and let me know. And if you like what you heard, please leave me a review on Apple podcasts. You can also follow along with me on Facebook, Instagram, Twitter and LinkedIn at Kara Goldin. Thanks for listening

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